BP Signs Deal to Revive Kirkuk Oilfield
By John Lee. Oil minister Abdul Kareem Luaibi [Elaibi] (pictured) told Reuters on Wednesday that Baghdad signed a deal with BP "about 10 days ago" to revive the northern Kirkuk oilfield. The agreement allows BP to negotiate access to significant reserves in the north in return for helping Baghdad arrest a huge decline in output […]
Zain Group Bullish on Iraq
By John Lee. The head of Kuwait-based telecommunications company Zain Group has described Iraq as a "promising country" where he expects further growth. In an interview with Arabic TV business channel CNBC Arabiya, CEO Scott Gegenheimer (pictured) said: "Zain Iraq is a critical part of the Group representing 40% of our revenues and 31% of […]
Majnoon to Start Test Production Next Week
By John Lee. Oil minister Abdul Kareem Luaibi [Elaibi] told Reuters on Wednesday that the Majnoon oilfield was expected to start a 10-day test production phase on 20th September, after which the field was expected to ramp up towards full production. The Shell-operated field is expected to add 175,000 bpd of capacity in the initial […]
Iraq Closes Mosul Airport without Explanation
By John Lee. A source at Mosul Airport has told Reuters: "Security forces closed Mosul airport without giving any reason. All flights are cancelled. "To begin with [the authorities] said there was information about a hijacked plane, and then they said it was closed for maintenance purposes, but there are no maintenance works." The closure […]
Emergency Message for U.S. Citizens
The U.S. Department of State warns U.S. citizens against all but essential travel to Iraq.Due to heightened safety and security risks and the ongoing threat of terrorist activities throughout Iraq, the U.S. government remains highly concerned about the danger to U.S. citizens, whether visiting or residing in Iraq, and to U.S. facilities and businesses. Threats […]
A Vote of Confidence for BDSI
By Mark DeWeaver. So far this has been a bad year for shareholders of Dar Es Salaam Bank (BDSI). Adjusting for July’s 23.2% rights and 18.5% bonus issues, the shares are down 36% year-to-date (as of September 10). This compares to a ytd return of -5% for the ISX index and +6% for Rabee Securities […]
GKP Surges on Court Ruling
By John Lee. Shares in Gulf Keystone Petroleum surged more than 25 percent when trading re-commenced at lunchtime on Tuesday, following a court finding in the company's favour. A summary of the English Commercial Court in London's decision was given in court this morning following the trial of the claims asserted by Excalibur Ventures LLC […]
Gulf Precast Builds 65 Schools in Iraq
UAE-based Gulf Precast has signed a contract to build 65 precast schools in various locations in Central Iraq. The design of the schools and their boundary walls has already been finalised. While the initial part of the production is under way in the UAE, Gulf Precast is already in the process of setting up a […]
Oryx Updates on Kurdistan Operations
Oryx Petroleum has announced an update on its activities in the Kurdistan Region of Iraq. Chief Executive Officer, Michael Ebsary (pictured), stated: "We continue to make great progress on all fronts in our Hawler license area. Progress continues towards first production from the Demir Dagh discovery with an early production facility now contracted and we […]
Asiacell Appoints New CEO
Asiacell has announced the selection of Mr. Amer Al Sunna as the new Chief Executive Officer. The company, which is listed on the Iraq Stock Exchange (ISX) and recently completed the largest IPO in Middle East since 2008 successfully, has more than 10.5 million subscribers in entire Iraq and its network covers almost %97 of […]
Ayatollah Sistani and The Battle of Najaf
By Hayder al-Khoei for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. A memoir published in 2012 by a representative of Ayatollah Ali al-Sistani sheds new light on the Battle of Najaf that unfolded in August 2004 in southern Iraq. Hamid al-Khafaf, Sistani’s Beirut […]
US to Build New Erbil Consulate
Minister Falah Mustafa, Head of the KRG's Department of Foreign Relations, has signed an agreement with the US Consul General in Erbil, Mr Joseph Pennington, paving the way for the construction of the US Consulate General. Minister Mustafa signed on behalf of the KRG and expressed his belief that this agreement would strengthen the already […]